According to their Twitter rep "
You need to have earned 400 Status Credits before your review date to maintain (status)". So basically anything earned in the grace period just goes towards the next year. Damn, looks like I've missed out on renewing for this year!
According to this page:
https://www.velocityfrequentflyer.com/content/ProgramBenefits/JargonBuster/
"Grace Period: This is the two months between your Review Date and when your Status Benefits expire. If your Status Level isn’t upgrading or staying the same, we give you two months’ grace to enjoy your Silver or Gold Benefits before they end. "